Neurocrine to acquire Soleno Therapeutics for $53.00 per share in cash, $2.9 billion equity value
Neurocrine Biosciences agreed on April 5, 2026 to acquire Soleno Therapeutics through a cash tender offer at $53.00 per share, a total equity value of $2.9 billion. The deal adds VYKAT XR, Soleno's approved treatment for hyperphagia in Prader-Willi syndrome, which generated $190 million of 2025 revenue, to Neurocrine's portfolio. The transaction is expected to close within 90 days, subject to customary conditions including regulatory approvals.
Key points
- Offer price is $53.00 per Soleno share in cash, a premium of approximately 34% to the April 2, 2026 closing price
- Transaction is funded with cash on hand plus a modest amount of pre-payable debt, and is not subject to a financing condition
- VYKAT XR generated $190 million in 2025 revenue, including $92 million in the fourth quarter alone
- Expected to close within 90 days of the April 6, 2026 announcement, subject to regulatory approvals and tender of a majority of Soleno shares
The filing
Written by AI on Nov 8, 2026, 1:11 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 06, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.